LIC eTerm Plan

LIC e-Term plan is an online term insurance plan offered by LIC Life Insurance Policy. As a comprehensive term insurance policy, the plan provides financial coverage to the family of the insured in case of any eventuality. LIC e-Term plan is one of the most acclaimed term plans among the wide range of products offered by the LIC.

Read more
Get ₹1 Cr. Life Cover at just ₹449/month*
No medical
checkup required
Save more with
upto 10% discount**
Covers
COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get ₹1 Cr. Life Cover at just ₹449/month*
No medical checkup required
Save more with upto 10% discount**
Covers COVID-19
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

As a pure protection plan, LIC e-Term plan can be purchased online in a simple and hassle freeway. Under LIC e-Term plan, a death benefit equal to the total sum assured amount is paid to the beneficiary of the policy in case of uncertain demise of the insured person during the tenure of the policy. As this is a pure term insurance plan, it offers only death benefit and no maturity benefit is offered by the policy.

The policyholders can choose for a higher sum assured amount at an affordable premium rate. The LIC e-Term Policy offers different premium rates for non-smokers opting for a sum assured of Rs. 50 lacs or more.

LIC e-Term Plan: Key Features

The following are the salient features of the LIC e-Term plan:

  • The plan can be purchased online in a simple and hassle-free way.

  • The plan provides a saving on premium for non-smoker and female lives.

  • LIC e-Term plan offers tax benefit U/S 80 C of Income Tax Act.

  • Add-on rider benefit is offered by the policy to enhance the coverage of the policy.

  • LIC eTerm Plan traditional and non-participating plan.

  • The nominated person gets to receive the death benefit in case of the unfortunate death of the policyholder.

  • The minimum sum assured amount offered by the policy is Rs. 25 lakh and Rs.50 lakh for non-smokers, whereas there is no upper limit on the maximum sum assured offered by the policy.

  • LIC e-Term Policy offers a minimum entry age of 18 years and the maximum entry age of the policy ranges up to 60 years.

 LIC e-Term Plan: Benefits

There are many different benefits offered by the plan. Let’s take a look at the e-Term policy in detail.

  • LIC e-Term Policy offers substantial coverage at an affordable premium rate.

  • There is no upper limit on the maximum sum assured amount offered by the policy.

  • LIC e-Term plan offers a maximum maturity age of 75 years

Here are the further LIC e-Term plan benefits offered by the policy.

  1. Death Benefit

    In case of the unfortunate demise of the insured person during the tenure of the policy, a death benefit equal to the total sum assured amount of the policy is paid to the beneficiary of the policy.

  2. Maturity Benefit

    No maturity benefit is offered by the policy as this is a pure term insurance plan.

  3. Income Tax Benefit

    Income tax is exempted on premium payments and sum assured under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

LIC e-Term Plan: Eligibility Criteria

Before purchasing the LIC e-Term Policy, it is important to check the eligibility criteria of the policy. Let’s take a look at the eligibility criteria of the policy.

  Minimum Maximum
Entry Age (Last Birthday) 18 years 60 years
Maturity Age (Last Birthday) - 75 years
Policy Term (PT) in years 10 years 35 years
Premium Paying Term (PPT) in years Equal to Policy Tenure
Premium Paying Frequency Annual
Sum Assured Rs 25 Lakh No Limit

LIC e-Term Plan: Details about Premium

Annual premium in Rupees for a Policy Tenure of 15 years. Basic Premium is mentioned below (Tax not included)

Age Rs 50 Lakh Sum Assured Rs 1 CR Sum Assured
30 Years 6000 12000
40 Years 12400 24800
50 Years 28600 57200

LIC e-Term Plan Other Policy Details

  1. Grace Period:

    30 days’ grace period is allowed for premium payment. If the policyholder fails to make payment within the grace period, the policy lapses 

  2. Policy Termination or Surrender Benefit:

    There are no surrender benefits available in this plan

  3. Free Look Period:

    If the policyholder is not satisfied with the terms and conditions of the policy, then they can cancel the policy within the free-look period of 15 days from the date of policy initiation.

  4. Loan

    No loans are offered by LIC e-Term plan.

LIC e- Term Plan: Exclusions

When it comes to suicide committed within 12 months of policy inception, only 80% of premiums paid are returned to the nominee. When it comes to suicide within 12 months of revival, higher than 80% of premiums paid or acquired Surrender Value is paid.

LIC e-Term Plan: Documents Required

The documents that should be kept handy while purchasing the LIC e Term Policy are:

  • Duly filled application form submitted by the applicant.

  • Details of Medical History

  • Address proof (Aadhaar card, voter ID, Passport, etc.)

  • Identity proof (PAN card, Aadhaar card, voter ID, Passport, etc)

  • Know your Customer (KYC) documents

  • Medical test if asked by the insurer based on the age of the applicant, the sum assured amount, and medical history.

The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. A medical examination may be needed in some cases, based on the sum assured and the age of the person.

LIC e-Term Plan: Claim Process

If the beneficiary of the policy file claim against the LIC e-Term plan in case of the unfortunate demise of the insured person then certain documents are required to be submitted by the nominee of the policy to fulfill the process of claim. Let’s take a look at the documents that should be kept handy while filing the claim.

  • Original copy of LIC e-Term Policy.

  • Claim settlement form mentioning the details of the deceased policyholder.

  • Age proof

  • Certificate copy of FIR (First Information Report)

  • In case of unnatural death of the policyholder or death due to accident then the beneficiary will need to submit the police investigation report and post-mortem report.

  • Death certificate from municipality.

LIC e-Term Plan - FAQs

premiumbyage
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about term plans.

FREE Term Life Insurance Quotes in minutes

  • The Best Price
  • Get Upto 10% Online Discount
  • Dedicated Claim Assistance Program

*Standard T&C Apply

Term insurance articles

Recent Articles
Popular Articles
Which are the 6 Factors That Affect the Term Insurance Premium in India?

13 Jan 2022

A term life insurance plan is the most common and popular option...
Read more
Disease and Disability-Coverage for Self-Employed

13 Jan 2022

As India is moving towards new economic encouragements, growth...
Read more
The Best Disability Insurance for Self-Employed Individuals

13 Jan 2022

When you are self-employed, you sometimes wear many hats at the...
Read more
Free Cover Limit in Group Term Insurance Policies – All You Need to Know

13 Jan 2022

Life insurance covers offered by insurance companies establish...
Read more
Term Insurance for Entrepreneurs

13 Jan 2022

A term Insurance Plan is designed for every sector, be it self-...
Read more
LIC Term Insurance 1 Crore
If you have a LIC term insurance 1 Crore handy, you can cherish all your happy moments as you have made a fine...
Read more
Types of Deaths Covered & Not Covered by Term Life Insurance
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or...
Read more
Term Insurance for NRI in India
Term insurance offers financial protection to the family of the insured in case of demise. Every bread-earner...
Read more
10 Questions You Should Ask Before Buying Term Insurance
10 Questions You Should Ask Before Buying Term Insurance There are various doubts faced by customers when it comes...
Read more
2 Crore Term Insurance Plan
The pandemic has surely generated a global panic and emphasised the importance of financial planning that would...
Read more
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL